F1PART 4BTAX ELECTED FUNDS
CHAPTER 5THE TREATMENT OF PARTICIPANTS IN TAX ELECTED FUNDS
TEF distributions (non-dividend)
Obligation to deduct tax from TEF distributions (non-dividend)69Z63.
(1)
If a TEF distribution (non-dividend) is made for a distribution period to a participant within the charge to income tax, regulations 26 to 33 (deduction of tax from interest distributions: general) shall apply with the modification specified in paragraph (3).
(2)
If a TEF distribution (non-dividend) is made for a distribution period to a participant within the charge to corporation tax, regulation 47 (the obligation to deduct tax) shall apply with the modification specified in paragraph (3).
(3)
The modification specified is that for “interest distribution” in each place it occurs there shall be substituted “TEF distribution (non-dividend)”.
Modification of section 490 of CTA 200969Z64.
Section 490 of CTA 2009 (holdings in OEICs, unit trusts and offshore funds treated as creditor relationship rights) shall apply to a participant in a TEF as if in subsections (4) and (5) for “interest distribution” there were substituted “TEF distribution (non-dividend)”.